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Procedural Formalities : The ECGC has three types of claim forms: (i) Form No.501 for claims rising due to non payment for goods accepted by the buyer, (ii)Form No.502 for claims arising because of the non-acceptance of goods/documents by the buyer, and (iii) Form No.503 for clinics on account of delay in transfer of funds to India. Claims due to the above causes should be filed in the respective prescribed forms. Other types of claims can be filed by means of a letter, giving full particulars of the cause and extent of loss. The claims have to be submitted to the ECGC office that issued the policy. Again, the claim forms should be sent through the bank which handled the export bill concerned. No claim will be entertained by the ECGC if it is not filed within a period of 24 months from the due date of the concerned bills.
Risk as an Exporter : you may draw your export bills either in rupees or in foreign currencies. If you have drawn your export bills in Indian currency i.e., rupees, you will not
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NEED FOR PROCEDURAL FORMALITIES : Procedural formalities prescribed for claiming various export-incentives need timely and proper compliance on the part of exporters. This alone w
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